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Ask HN: Is it better to auction in Bitcoin or US Dollars?
When auctioning something techy, for example a one month premium subscription code to Spotify, it seems almost more reasonable to auction it in Bitcoin. I feel like by requiring bitcoin, you select the actual users that are most likely to truly want the item you are auctioning. Then you can turn around and get more money by cashing out for US Dollars due to the exchange rate. Does this math sound right to people?
- cdnichols 15y agoGiven the volatility of the currency and the insecurity (either real or perceived) of exchanges like MtGox, I'd stay away from any BTC auction not purely for experimental purposes. An auction by nature selects the bidder with greatest desire for the item as he/she will offer the highest bid. Limiting to BTC will likely decrease your profit potential.